05/05/2026 10:15
Subject: Non resident luxury tax on $5M + properties.
It is odd to say but Mamdani is actually taking plays out of the Trump playbook. He is being very divisive and plotting one group against the other - super rich vs. the poor.
There are ways he could have done things without making a spectacle of it. It is really childish and shows a lack of political knowledge. But it makes for good press conferences for him and motivates his core lower class supporters.
There will not be a mass exodus, particularly not immediately. These things take time. But when on the fence about where to live or where to add jobs, this will be considered.
I also think that many of the ultra-rich might be more accepting of this if they saw Mamdani also making expenditure cuts to the very bloated city budget. You can't just attack the revenue side of things.
I write this as a lifelong Democrat who despises Trump more than Mamdani, but really does not like either of them.